92nd General Assembly
Status of SB0974
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   New Act                                                                     

        Creates the  Teacher  Homebuyer  Assistance  Act.   Requires  the      
   Illinois  Housing  Development Authority to establish and administer a      
   program to provide down payment assistance to public  school  teachers      
   who   teach   in   low-performing  challenge  schools  for  purchasing      
   residences within the school district.  Provides that  the  assistance      
   shall  be  in the form of a deferred payment, low-interest subordinate      
   mortgage loan with a term not  longer  than  the  term  of  the  first      
   mortgage loan, with interest accruing at a rate of up to 5% per annum.      
   Provides  that if the borrower has continuously been a teacher for the      
   5-year period immediately following the date  of  recordation  of  the      
   loan  deed  of trust, then repayment of the loan shall be forgiven and      
   considered a grant. Provides  that  repayment  of  the  principal  and      
   accrued  interest  is  due  and payable upon the occurrence of certain      
   FEB-22-2001  S  FIRST READING                                                  
   FEB-22-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               EXECUTIVE             
   FEB-28-2001  S  ADDED AS A CHIEF CO-SPONSOR              DILLARD               
   MAR-08-2001  S       TO SUBCOMMITTEE                                           
   MAR-08-2001  S                   COMMITTEE               EXECUTIVE             
   MAR-27-2001  S  ADDED AS A CHIEF CO-SPONSOR              SILVERSTEIN           
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary